A List Of Frequently Used Real Estate Terminology In Southern NH

The home sale procedure is elaborate enough to begin with. Real estate terminology can complicate it further, particularly if you are a first time buyer. In this article you will find a list of frequently used real estate terminology in Southern NH. This may help simplify the home buying and selling process.

Frequently Used Real Estate Terminology In Southern NH

CMA

A CMA is a report that compares your home to homes with similar features that recently sold in the same city. It usually details a price range based on the current economy.

Multiple Listing Service

MLS is an acronym for Multiple Listing Service. This is a system where members of the MLS submit listings. Different regions usually have separate MLS networks, and some states may have more than one. Non-real estate agents are not given direct access to this database but may receive listings from authorized parties.

Property Assessments

Assessments are the valuation placed on properties by a local tax assessor and for the purpose of estimating real estate property taxes. Assessed amounts have no relation to the market value of a property.

Final Walk-Thru

Walk-thrus commonly occur immediately prior to settlement. It allows a buyer to take a final look at a property and to confirm that the condition has not altered from the previous time they inspected it.

Purchase and Sale Items

Contingency

A contingency is a condition required for an individual to move forward with a home sale or purchase. For example, the ability to continue with a purchase may be based on the sale of their existing home. Other frequently used contingencies are for satisfactory inspection and ability to get a home loan commitment.

Earnest Deposits

Earnest deposits refers to funds submitted by a buyer as part of a contract to purchase a property. It shows that a buyer is moving forward in good faith. Deposits are typically retained by the listing company for a seller and given back to a buyer at closing.

Closing

A closing is when paperwork is signed, funds are exchanged, and real estate legally transfers from the current owner to a new owner. Agreements must list a closing date and place.

More Real Estate Terminology

This article offers a list of frequently used real estate terminology in Southern NH and includes only some introductory terms. For more extensive real estate definitions and advice, contact Sharyn Kelley at 603-668-5757 or suburban@suburbanrealtyinc.net.